Online trading might be complex and it’s not easy to make a brokers’ comparison if you are a complete beginner. You have to pay attention to a number of aspects and some might seem complicated. In this review, we will try to compare DotBig and CedarFX using simple words and familiar for you terms.
|Bonus||10% welcome bonus||none|
|Year of foundation||2003||2011|
|Platforms||MT5, DotBig Web, Mobile||Web Trader, MT4, MT5, Meta Trader Mobile|
Do not underestimate the importance of trading and non-trading fees. Because these are often obligatory payments, of which you must be aware, to shape your trading budget wisely. This is especially relevant for traders who operate smaller funds because they need to keep track of every spent penny.
There are two types of additional expenditures:
- trading fees;
- non-trading commissions.
If you access the platform of CedarFX, you have to keep your account minimum not lower than $10. But this works only for deposits made in Bitcoin. If you use an alternative payment system, you must fund your account with a minimum of $50.
Trading fees charged by CedarFX depend on the type of account you choose. Since the broker promotes its eco-friendly policy, every trade made on Eco Account is charged with a $1 commission. But this is an optional variant. The basic account is commission-free – no transaction and trading fees.
DotBig LTD works differently. This company offers more account types that suit different categories of traders. But the minimum deposit starts from $250. The commissions for funding aren’t charged. However, the withdrawals always come with commissions for the users of the Standard account. The withdrawal fee is 3.5%.
DotBig LTD doesn’t have special commissions like CedarFX. It doesn’t charge additional payments for the ability to access markets and tools. Trading costs are built-in spreads. Spreads are floating and often become higher during nighttime trading, making it less profitable. The average spreads for different assets are:
- Forex – 1.25 pips
- Stocks – 0.67 pips
- Cryptocurrencies – 1.7 pips
- Commodities – 2.2 pips.
This comparison of forex brokers also includes the comparison table of the trading assets displayed by both platforms.
|Financial Markets||DotBig LTD||CedarFX|
|Forex||72 currency pairs||48 currency pairs|
|Stocks||244 stocks||64 major stocks|
|Futures||–||single class type|
|Cryptocurrencies||650 cryptocurrencies||35 cryptocurrency pairs|
|Commodities||6 commodities with the 1:100 leverage||7 commodities, including 4 metal pairs|
|ETFs||Free ETF trades with 20 assets listed||–|
|CFDs||The possibility to invest in CFD assets||CFDs on commodities and stocks|
On the whole, CedarFX offers over 180 tradable instruments. This is a multi-asset platform where clients access different markets and take advantage of trading demanded products with spreads that are kept low.
The range of products offered by CedarFX isn’t as wide as the one displayed by DotBig. From the perspective of the selection of the instruments, DotBig LTD is a better option. Except for this, DotBig has venture investment opportunities for those traders who want to fund promising startups.
The biggest advantage of CedarFX compared to DotBig is the very fast and easy signup and verification procedure to access the platform. You just enter and confirm basic data and that’s everything the broker needs from you. The whole process might last for just a few minutes.
After you’ve completed signup, you may download MetaTrader 4 for free and practice working on a demo account. This is a huge benefit for beginners because all trades on a demo account are executed in virtual money – you don’t have to risk real funds.
DotBig also provides access to MetaTrader5 and a web-based platform. Similar to CedarFX, you may start trading via the demo version. The set of trading signals is one more benefit for beginners. DotBig is also a good choice for professionals – they can have their personal strategies developed. Also, they access the advanced trading tools, which deliver only up-to-date information to the users.
Which Broker is Better Overall?
In this comparison of online brokers, we’ve taken a look at some of the most basic features of trading platforms. The conclusion is that DotBig is better overall. It has more trading products, more tools, and more instruments for automated trading. Plus, it has better education and training programs for complete newbies. But if you prefer costless trading, study more about CedarFX and explore whether this option is relevant for you.